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General Motors has revealed the next-generation V8 powerplant that will propel the upcoming 2014 Chevrolet Corvette, guaranteeing more horsepower, more torque and significantly better fuel economy.

The 6.2-litre LT1 V8 represents the most significant redesign in the small block’s nearly 60-year history with the addition of several technologies bringing the engine into the 21st century.

Chevrolet Corvette LT1 Engine - 3

Featuring direct injection, active fuel management cylinder shut down technology – a first for the Chevrolet Corvette – and continuously variable valve timing, GM expects the small block gen 5 LT1 engine to deliver 335kW and 610 Nm in the quickest, most powerful, standard Corvette ever, with an estimated 0-100km/h time of less than four seconds, all while being the most fuel-efficient version of the classic car ever.

The new technologies join an all-new advanced combustion system that incorporates a new cylinder-head design and a new, sculpted piston design.

Chevrolet Corvette LT1 Engine - 2

Corvette chief engineer Tadge Juechter said the “Holy Grail” in the development of a performance car is to deliver greater performance and more power with greater fuel economy.

“And that’s what we’ve achieved.”

“By leveraging technology, we are able to get more out of every drop of gasoline and because of that we expect the new Corvette will be the most fuel-efficient 450 horsepower (335kW) car on the market.”

Chevrolet Corvette - Old and New

Though it’s too early for confirmation, a long-standing tradition – starting in 1997 with the 5.7-litre GenIII V8 – exists among the General Motors family of the Corvette V8 powerplant finding its way into the engine bay of Australia’s Holden Commodore, the newest of which is the Holden VF Commodore, due to go on sale in Australia in the first half of 2013.